Episode 86 with Cassandra Cummings
Cassandra Cummings’ money story started from seeking answers to her question: why is it that some people have money while others don’t? Little did she know that she’ll learn all this before turning 18. After her father’s passing, she received a $250k life insurance benefit with no background in managing money. Since then, Cassandra has managed to not only grow her wealth but to also expose 100,000 women to investing.
In this episode, Cassandra Cummings discusses:
- Micro-investing apps, individual stocks, and index funds: where to invest depending on where you are in life
- How she started investing and has helped women worldwide invest over 25MM in assets
- Tools to help you overcome mental blocks when it comes to building wealth
- Her investment philosophy
- What stock market investing has done for her—and can do for you
“I was so intrigued by money. Why is it that people have money, whereas others don’t? What makes certain people appear to be financially solvent? And then, why are some struggling with not being able to attain money, when in fact money is all around us?” Cassandra Cummings.
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Dreamers’ Wealth of Wisdom:
- The other part of my money story is being able to really change how people—who look like me—view money. I think one way in which we can get people to change their mindset around money is by changing our financial situation. – Cassandra Cummings
- You can start at nothing. You can start from the dirt, and you can essentially build your way up to wealth. – Cassandra Cummings
- You have to be intentional about changing your financial trajectory. – Cassandra Cummings
- I think, a lot of times, black women think that somebody’s coming to save them. We’ve been sold this fairytale that if we find the right guy, we’re gonna change our financial situation. If we go to school, get a good education, get the right job, we’re gonna change our financial situation. But at the end of the day, what changes our financial situation is our mindset about money and us being intentional. – Cassandra Cummings
- It is the intentionality in which we proceed through life that helps change our financial picture. – Cassandra Cummings
- I learned the language of business because I wanted to be a good steward of that money and you know, it worked out in the end. – Cassandra Cummings
- Invest in those three things: invest in the stock market, invest in real estate, and invest in yourself. – Cassandra Cummings
- The thing about black women is that we are so smart. We make up the smartest segment of the population, but we have no money. When we look at the net worth of black women compared to white men or white women, we’re far behind. The only way we’re gonna close that gap is if we’re investing in the stock market. – Cassandra Cummings
- Great things happen with consistency. So, you have to be able to set up a consistent contribution method and put it on autopilot. – Cassandra Cummings
- Thing is, some people capped themselves at a hundred thousand. That’s really the mindset—’I’m good at a hundred thousand dollars a year, I’ve made it, I don’t need to make anymore.’ As opposed to saying: ‘Okay, a hundred thousand is the first milestone… but if I make 500,000, I don’t have to restrict myself.’ And that’s really a mindset shift. – Cassandra Cummings
About the Guest:
Cassandra Cummings is the founder of The Stocks & Stilettos Society, an online community of more than 100,000 Black women investors. A financial advisor, Cummings introduces women to the stock market and teaches investing using innovative ways through her programs such as The Queens of Capital and The Stock Success Circle, inspiring women worldwide to invest more than $25MM in assets through her guidance. She has been providing investment, retirement and wealth-building strategies to women across the country for more than 15 years and has been featured in Black Enterprise, Business Insider, Essence, Buzzfeed, Robinhood, AfroTech and The Wall Street Journal.
Cummings holds a bachelor’s degree in Accounting from the University of Southern California and a Certificate in Women’s Entrepreneurship from Cornell University. Her forthcoming book, Fearless Finances: A Timeless Guide to Wealth will be published under Harper Collins.
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Other Episodes You Might Like:
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- Real Estate as a Path to Wealth: From Wholesaling to Owning Hundreds of Doors with Jessica Myers